There are more than 76 million baby boomers in the world today. The boomer generation, born between 1946 and 1964, is now the largest economic group in the country. This is just one of the many reasons why the boomers are a key component in driving the American economy forward.
Boomers have more discretionary income than any other age group at the moment. It is estimated they outspend any other generation by $400 billion every year on consumer goods and services.
So what are the boomers buying?
Last year they spent over $87 billion on new cars. They are also spending money on recreational activities like traveling, dining out, spas, and exercise. They are buying things like household furnishings, tickets to concerts and sporting events, and paying for landscaping and home improvement projects.
Baby boomers are known to like such brands as Levi Strauss, Harley Davidson, Volkswagen, Pepsi, Clairol, Absolut Vodka, Coach Bags, and Frye Boots, just to name a few. They are brand advocates and are known to be very loyal to their chosen products.
Baby boomers are also taking care of family members. More than 59% have assisted their adult children with finances. Up to 29% have even paid of their children’s college student loans.
All of these reasons and many more are a clear indicator why the 76 million baby boomers continue to strengthen our nation’s economy.